Balancing the cost of diabetes within a monthly budget

When creating a monthly budget, managing the cost of diabetes is one of many aspects to consider but definitely among the most important. A budget outlining all your financial needs — such as ongoing expenses, healthcare, savings, and retirement funds — can help reduce worries and stress about managing T1D-related health costs.

The idea of starting a budget may be intimidating. That's understandable, but you can do it. Managing your blood sugar numbers has given you the confidence to live fully without a diabetes diagnosis interrupting your plans.

That said, budgeting is a different process for everyone. Depending on your life stage and lifestyle preferences, health insurance coverage, earnings, and ability to qualify for patient assistance programs, you may have different short- and long-term financial goals.

Regardless of where you are in life or where your primary focus lies, you can balance the cost of diabetes within a monthly budget. Here are the important expenses to consider.

Ongoing monthly expenses

As you may have to earmark some money for diabetes management, it's wise to give thought to bills you pay each month that aren't healthcare-related. While everyone's ongoing monthly expenses will look different based on their situations, here's a starting point for a list of costs you can consider:

Rent, mortgage, or homeowner association dues
Utilities, such as electricity, gas, water, sewer, propane, cellphone service, and internet
Trash removal and recycling
Automobile loans, car insurance, gasoline, maintenance, and other transportation costs
Other loans or monthly payments, such as student loans and credit cards
Education, child care, personal or career development, and related expenses
Grocery, household, and personal care items
Hair salon or barber
Clothing
Home maintenance, such as lawn care, snow removal, gardening, and pest control
Work expenses that aren't reimbursable by a company
Entertainment, such as meals out, social events, travel, and vacations
Subscriptions, such as newspapers, cable television, streaming platforms, magazines, and music services
Expenses that you pay on behalf of other people, such as care costs for an elderly parent

Understanding all the expenses that might crop up each month can give you a better idea of how much you'll need to routinely set aside. This can help ensure all costs are covered — both diabetes-related and otherwise.

Costs associated with diabetes management

Once you've identified your regular monthly expenses, you can turn your attention to ongoing diabetes management costs. Your choice of equipment — as well as the quantity used and compatibility with other devices — will play a role in determining your monthly cost of diabetes management. For example, some glucose monitoring systems also have the ability to track ketones.

On average, the monthly cost of diabetes can average $500 to $1,000 or more. Below are costs for common testing supplies, monitoring equipment, and insulin delivery devices you may need. All costs are based on participation in a health insurance plan:

Glucose monitoring

Glucose meter ($20 to $100)
Blood sugar test strips, 100 count ($20-$30)
Lancets, 100 count ($5-$20)
Control solution, 1 bottle ($10-$20)

Ketone monitoring

Urine strips, 30 count ($30 to $50)
Blood test strips, 10 count ($40-$60)

Daily management needs

Insulin and insulin pens ($300 to $450) can vary monthly due to changing insulin costs
Alcohol sterile prep pads, 100 count ($3)
Glucose tablets, 20 count ($7-$10)
Insulin pumps and continuous glucose monitoring systems ($50 to $500 a month) some systems require sensors or pods, transmitters, and other accessories, which increases cost
Infusion sets, 10 count, cannulas and reservoirs ($120-$200)
Batteries ($3-$6 per battery) the monthly cost depends on battery type and replacement timing

When deciding how to approach these expenses, first identifying prices can help. Then, consult with your diabetes healthcare team (doctor, Edgepark, pharmacist, etc.) to allow you to determine the most efficient and cost-effective plan.

Tips for balancing the costs of diabetes

Identifying the monthly costs of managing diabetes care can be intimidating — but it gets easier once you know what to expect. The most effective strategy for balancing costs is simply planning ahead to the best of your ability. For instance, while some insurance plans support mail-order pharmacy delivery to lower costs, others may not.

Be proactive in continually talking to your healthcare provider and pharmacist about the best way to manage costs. Take advantage of prescription drug savings programs, coupons, and other ways to reduce or be reimbursed for out-of-pocket costs. For example, patient assistance drug programs, as CMS.gov outlined, can help you save money if your income qualifies. The Patient Advocate Foundation is another source for managing healthcare costs and co-payments. Additionally, the staff at your doctor's office or your Edgepark customer service representative may be able to recommend other methods of saving money on healthcare costs related to diabetes.

Ultimately, daily actions to manage diet and exercise, as well as to reduce stress, can positively impact overall healthcare costs. While this may seem like a tall order, balancing it all and prioritizing your health can help minimize the likelihood of being diagnosed with other conditions related to diabetes.

Savings and retirement planning

While covering current costs may be your primary focus, factoring savings and retirement planning into a monthly budget is critical. Living with diabetes can sometimes lead to other health diagnoses with age. Accordingly, it's important to have a plan to pay for diabetes-related costs today and during retirement.

If you have questions about creating a savings and retirement plan, it's a good idea to consult a financial professional. The National Association of Insurance and Financial Advisors offers consumer information and a list of members you can contact.

You might be worried that you can't afford to work with a planning professional if you don't have a lot of money saved. This is a false belief shared by many! Even if you have just $20 a month to save for retirement, a planner can help you get started.

Rainy day fund

Aside from planning for all the aforementioned expenses to create an air-tight budget, it can be comforting to know you have money set aside for a special treat every now and then. A rainy day fund is cash that you have leftover after paying regular bills, and it can be used for anything you want!

It's important to treat yourself every now and then, and what better way than with a massage, fancy dinner, a pair of shoes you've wanted, or other items that aren't necessities (but nice to have). Best of all, this money can come in handy when an expensive car repair or surprise home improvement project is needed.

Ultimately, working within a monthly budget can help you manage costs today and plan for the future. Whether faced with healthcare, household, or other expenses, the peace of mind a budget can provide is priceless.

Looking for additional help in creating a diabetes care budget? Explore the Edgepark Health Insights blog to learn more about managing the costs of diabetes.